Swanns Mill Homeowners Association Inc

What Swanns Mill Homeowners Association Inc's governing documents say

This is a restrictive covenant declaration for a single townhome unit in Swann's Mill Townhomes, Durham, NC, tied to an affordable housing loan from the North Carolina Housing Finance Agency. It binds the current and future owners of that specific unit, not the whole community, and is not a full HOA rulebook.

• Affordability period: The restrictions last 10 years from March 8, 2016, and may extend beyond the loan term. The period can be suspended by foreclosure but can revive if the prior owner regains ownership.
• Owner-occupancy requirement: The owner must occupy the residence as their principal home within 60 days of the declaration and continue living there for the entire affordability period.
• Leasing & rentals: Renting the unit or any part of it is prohibited, as is using it as an investment, recreational, or second home. Violations can lead to legal enforcement.
• Home business restriction: The residence cannot be used primarily for trade or business, and the owner cannot deduct home business expenses on tax returns.
• Transfer & refinancing: Any transfer of title or possession without prior written NCHFA approval may trigger legal action. Selling or refinancing within the affordability period does not end the restrictions.
• Recapture on sale: If the owner sells at a price that doesn't cover the NCHFA loan after paying senior liens, NCHFA may accept the net proceeds as full payment, but can demand full payment if the price isn't fair market value.
• What this document doesn't cover: This is a single-unit affordability covenant, not a community-wide HOA rulebook. It doesn't cover common areas, assessments, pets, parking, or other typical HOA rules.

Plain-language summary generated from the governing documents on file for this community. It may be incomplete and is not legal advice — read the full documents below or consult the official recorded versions.